Saturday, January 5, 2008

Home buying

I've always thought it's important to get an idea and focus on it. I find if you start putting the plan into motion, it develops and you can have your goal. I remember when I was unemployed for a year and then started back making $13 an hour. I just wouldn't accept it so I kept working and trying and here I am.
I booked my vacation to Poland and Germany. I'm going to have to do another blog later with an itinerary. Right now I have like $40 in the bank but if I book and it research and put it together, I know it will happen. I'm thinking I might buy my plane ticket next Friday, I found one for $918. I'm planning on going May 13-23, 2007.
I also started looking into buying a condo. Checking out the mortgage calculator through my bank, I need 5% down. I assumed things I shouldn't, I thought you'd have to have closing costs on top of the 5% down, you don't. I thought 33% maximum of your salary for housing payments was net, it's gross. All things working in my favour.
Working though, if I have:
$7,500 down
I can get a $150,000 condo
for $452.65 every 2 weeks.
That's only $300 more a month than I'm paying now and I'd own the place. Where the Hell do I sign up for that. There's also a small issue that my credit isn't great right now so I ordered my credit report but I figure if I have the down payment they'll be more likely to say yes anyhow.
So what kind of place can I get for $150,000? I don't want to end up in Buttfuck, Idaho like some of my friends.
Checking the Metro Listing Service:
It turns out there's about 10 condos in Toronto for under $150,000. I figure that's ok as I only need 1. The negative is anything in the downtown core has high maintenance fees.
This place is at 30 GLOUCESTER ST. The taxes are included in the maintenance fees which is great. The maintenance fee is $370.84 a month! That would push my monthly housing fee to $1,276.14 which is still less than 40% of my salary so we're all still good, but less so. It would be a 30 minute walk to work and right downtown in the heart of the gay village. If I had $7,500 I'd move in tomorrow.
**** EXTRAS **** Fridge, Stove, A/C Unit In Window, Love Seat, Murphy Bed!! Shelves, Mirrors, All Elfs, All Window Coverings, Everything You See, You Get! Workout Room, Laundry In Building, Library, Party Room! Free Parking And Locker!
Living room : 16 ft ,1 in x 10 ft ,11 in
Kitchen : 8 ft ,9 in x 4 ft ,11 in
Foyer : 7 ft ,4 in x 3 ft ,6 in
My cat and I did some measuring (she mainly ate the tape) and the living room alone is 6 feet longer than I have now.
Finally here's some pictures. Sign me up!

All for $139,900. What's an elf? Why are they included? Can you ask them to leave?


Anonymous said...

"All Elfs"

Wha? Is this some home-buying thing I have never heard of?

Danny T said...

The price sounds good especially if you will end up owning it, however, the kitchen looks tiny.

Look at the space between the fridge and the cupboard!